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the economy. this is video of the campaign release of the president wiping away tears as he thanked young members of his campaign staff in chicago. >> today he's going to talk about the tough situation ahead. automatic tax hikes and severe budget cuts that will go into effect in january it's called the fiscal cliff. the congressional budget office said yesterday if all the taxes and spending cuts take place, tax hikes in spending cuts, it will push the country's unemployment rate above 9% within a year. >> now virginia is planning its own cuts as a result. ko im is live from capitol hill with more. good morning ko. >> reporter: good morning andrea and mike, the next six weeks are crucial. the ticking time bomb as you said set for january 1st. the talks around taxes in d.c.. half a million federal workers, contractors and subcontractors could lose their jobs and d.c. could get hit big as well for metro losing $30 million. possibly. virginia also bracing for the those cuts across the board. the commonwealth has seen a sluggish economy and officials are worried that if a deal doesn't happen,
as the debt starts to really become a cancer on the economy. the economy will collapse. >> reporter: wait a minute. the economy will collapse? you mean, worse than what we went through in 2008? >> oh, yes, it would be much worse if it continues going on unfettered. >> reporter: long-term we're in big trouble, far worse than january's fiscal cliff, but short-term kicking the can down the road. >> the interesting thing is because the economy is still growing so sowly, that if we -- so slowly, if we kick the can for another year and don't do immediate deficit reduction, our economy is projected to do better than if we had deficit in the short-term. >> reporter: that sounds good. you don't have to raise taxes or cut popular programs. kick the can far enough down the road, you're not in office any more and it's some other politician's problem, which is exactly how we got here in the first place. deer recollect. >> thank you, gary. >>> we've got a possible murder suicide tonight involving three relatives. three small kids, an uncle and a grand mom found dead in a garage in toledo. investigators
to deal with the economy. >> there was a message sent to us by the american people based on the campaign. people making all this money have to contribute a little bit more. >> the american people made clear there's still a mandate for raising tax rates. >> reporter: president obama won the election on the idea that the wealthiest americans should pay more in taxes. a new study said the president's plan would increase revenue and slow economic growth by a tenth of a percent. >> good afternoon, everyone. >> reporter: republicans point to a different study. >> the in accounting firm of ernst and young said going over the fiscal cliff and raising taxes on the wealthiest would cost jobs. >> reporter: how to avoid this fiscal cliff are expected to begin in ernest next week when congress returns to work. >> legislation is the art of compromise, consensus building. >> reporter: house speaker john boehner said republicans are willing to raise revenue but only under certain conditions. >> what matters is where the increased revenue comes from and what type of reform comes with it. >> reporter: vic
threat to the schools and the northern virginia economy is sequestration. economists predict up to a half million jobs could be lost in the d.c. area. that would lead to vacant buildings and a sharp decline in commercial real estate taxes which is a major source of funding for local governments. foust grew up in johnstown, pennsylvania where steel mills created a bustling economy. today the mills are abandoned and jobs are scarce. >> it has certainly been nice to have the federal government fall back on the government contractors and government employment, but personally i'm from an area that relied on the steel mills until it was too late and there was no diversification. the steel mills closed. i don't want to see that happen to fairfax county. we want to diversify our economy and be less dependent on government contracting in the long run. >> reporter: peggy fox, 9 news now. >>> a passenger's erratic behavior causes a united flight bound for dulles to make an emergency landing. that flight coming from denver had to land 13 minutes earlier last night. we talked with one passenger who w
that is divided, there was an earthquake. it was an election that, republicans should have won in a bad economy, with all that money, and they lost virtually every group. they even lost cubans in florida, which used to reliable vote. so you have to ask what does the republican party do next? but that is not my top priority frankly. >> don't broad brush it excessively. the republicans kept the house, the democrats kept the senate and the president, a democrat, kept the white house. that is a split verdict. >> beneath those numbers there was an earthquake john. >> oh, the hidden earthquake. nobody felt it? >> everybody feels it. >> nothing on the restrictter scale but there was -- on the scale. >>> when you think we had 23 million people unemployed and the worst in our history and he still carried it through. i would call it a landslide under the conditions he had to run. i think it was a decisive victory. >> it was on several counts. first the exit polling showed most of the voters did blame the economic problems on bush and they wanted to give obama more time to work on it. pretty significant c
is not the core issue that is on people's minds. the issue is one we talked about is where is the economy going, where is the budget i don't go? all the -- going? all the shifts will be impacted by what the leadership is going to do in cutting the bigger deals. you can have expectations about particular members what they do in a subcommittee, but in my view, the budget is going downward, because of being restricted by the -- >> i agree in principal on that, but what people are opposed to or in favor of in terms of reconciling ways and meanings, more people are opposed to defense cuts than limiting the mortgage interest rate deduction or cutting healthcare benefits. >> if you look at the issues on people's minds, and what's important to them, salience sir puppet the defense and foreign policy at the bottom. >> in term of leadership jobs, who reaces mccain. >> jim who have from oklahoma will move up. it is expected he will get the nod. >> on how will he lead differently? >> he cares about different issues. senator mccain has been focused on acquisition reform, better or worse, contractors -- and
we all face automatic spending cut tax increases that threaten to endanger the economy. they spent the day on capitol hill. >> now that the election is done, lawmakers are scrambling to avoid that dreaded fiscal clip and the deadline is coming fast. >> the congressional leaders started looking for an opening to move them away from the so- called fiscal clift. >> they stand ready to work with you. >> compromise is not a dirty word. >> reporter: without a deal before the end of the year, families will see their taxes go up $2,000 to $3,000. they will see their budget slashed and they could climb above 9%. it's tough medicine for an economy still in recovery. >> it is very likely suffering deep recession. and i don't think that is the way that we want to go here. >> reporter: and they drove themselves to this clift when they approved the budget cuts to force themselves to deal with the cut. it comes as they are set to expire. >> and after years of punting on the major fiscal challenges that we faced, 2013 is going to be different. >> reporter: and there is still some major roadblocks.
economy while keeping the financially troubled economy on the eu currency system. thousands of protesters demonstrated and clashed with police in riot gear as they protested the new budget that calls for spending cuts and higher taxes. tomorrow eu finance ministers will meet. the greek economy prices will be the center of those talks. >>> in florida today a rally on behalf of a bethesda, maryland man being held in a cuban prison. demonstrators gathered in west palm beach where the national symphony was making its first u.s. tour. they're protesting the imprisonment of alan gross, serving a 15-year sentence on charges he was trying to undermine the cuban government. gross says he was merely trying to provide internet service to the small jewish community in cuba. there was a letter signed by 500 rabbis and addressed to cuba's president. it calls for gross' release on humanitarian grounds. >>> residents could have their electricity back, but tens of thousands of homes and businesses were too damaged to receive it. residents of those homes are now scrambling to find temporary housing. real e
, charges and expenses. read and consider it carefully before investing. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪ for real. ...that make a real difference. can it know when ite needs to be repaired? and when it doesn't? in industries like manufacturing and energy, they're using predictive analytics to detect signs of trouble helping some companies save millions on maintenance, because machines seek help before they're broken. and don't when they're not. that's what i'm working on. i'm an ibmer. let's build a smarter planet. >> schieffer: this was a close election, so there were almost as many people who felt bad about it as good about it. so if you're one of those who is down in the dumps, just think abou
, but the biggest threat to the schools and the northern virginia economy is sequestration. economists predict up to a half a million jobs could be loss in the d.c. area that. would lead to vacant buildings and a sharp decline in commercial real estate taxes which is a major source of funding for local governments. >> i was working on a train track. >> reporter: foust grew up in johnstown, pennsylvania where steel mills created a bustling economy. today the mills are abandoned and jobs are scarce. >> it has certainly been nice to have the federal government, fall back on the government contractors and government employment, but personally i'm from an area that relied on the steel mills until it was too late and there was no diversification, steel mills closed. i don't want to see that happen in fairfax county. we want to diversify our economy and be less dependent on government contracting in the long run. >> of course, while there is optimism congress will stop the fiscal cliff, it's been a little too close for comfort and like never before, local governments are doing what other places are acr
the president met with business leaders to talk about the economy. meanwhile stocks have fallen steadily since mr. obama won re-election. the dow lost 185 points on wednesday. it's down 430 points since election day. nancy cordes reports on the looming high budget battle. >> step number one we can take in the next couple of weeks provide certainty to middle class families, 98% of families who make less than $250,000 a year, 97% of small businesses that their taxes will not go up a single dime next year. give them that certainty right now. >> reporter: but john boehner has ball clubbed at that idea. it would take away his party's leverage in calf issues. >> there's a lot of issues on the table that need to be resolved. i laid out a reasonable framework where both parties can work together and i'm looking forward to meet at the white house on friday and begin that conversation. >> reporter: boehner and other top republicans have proposed eliminating deductions and loopholes that benefit the wealthy instead of raising their tax rates. >> we're not going to hurt our economy and make job creation m
the wealthy instead raising their tax rates. >> we are not going to hurt our economy and make job creation more difl which is exactly what that plan would do. >> reporter: today the president argued closing loopholes alone won't be enough to cut the deficit. he'll have that argument face to face with wayne or friday. one of the most frequent criticisms we've heard over the past few years from members on both sides if you haven't done enough to reach out and build relationships. are there concrete ways you plan to approach your relationships with congress in the second term? >> look, i think there's no doubt that i can always do better. and i don't exempt myself from needing to do some self-reflection, and see if i can improve our working relationship. there are going to be times where there are fights, and i think those are fights that need to be had. >> reporter: the president warned today that if the two sides don't strike a deal, it could hurt the holiday shopping season and dampen holiday hiring, scott, as people prepare for the possibility that their tax rates will go up on january 1.
economy. a modest tax increase on the wealthy is not going to break their backs. they will still be wealthy. >> one of the most frequent criticisms we've heard over the past few years from members on both sides is you haven't done enough to reach out and build relationships. are there concrete ways that you plan to approach your relationships with congress in a second term? >> look, i think there's no doubt i can always do better. i think all of us have responsibilities to see if there's things we can improve on and i don't exempt myself from needing to do some self-reflection and see if i can improve our working relationship. >> reporter: the president also said in that press conference that he's eager to pursue immigration reform and climate change policy, but charlie and norah he didn't give a timetable for when we would see any initiatives out of the white house on those issues. >> nancy cordes, thank you. cbs news political reporter john dickerson is in washington with me. good morning. good to be in washington. >> up reversed roles here. you're here and norah is in new york
, as well as a lot of people who have lost their jobs with the downturn in the economy. a lot of professionals were downsized. and they, too, are unemployed or underemployed. so the combination of veterans, women, minorities, and veterans families. >> so bring your resume, your best suit and polish that pitch in the mirror. where can they go again, what time and is it free? >> it is free. it's from 10:00 to 6:00 at the argument convention -- at the argument convention center reemploying america. >> thanks a lot. >> thank you. >>> we have the weather coming up next. stay tuned for howard right after this. >>> i've been combing through the day's daily deals, e-mails and retailer websites to find you some deep discounts and here are some of my tuesday favorites. a way to undo the damage you know you're going to do at the thanksgiving table. gilt city is offering the joulebody cleanse. these are raw or cooked organic meals and juices delivered right to your door to help you drop some pounds. there are two three-day programs available for $105 and $159. that saves you 40% off. a ho
our economy is still recovering from the great recession, our top priority has to be jobs and growth. >> economists say the country will be plunged into another recession if it goes over this cliff on january first. that's when bush era tax cuts expire unless the president and lawmakers agree on a new plan. any deal must include asking wealthiest americans to pay more taxes. house speaker john boehner disagrees. >> the problem with asking for more taxes is a lot of them are small business owners. >> they're asking from the middle class. most of them work on the more contentious issues at stake by the end of the year. >>> the airport authority got an award nobody wants. the golden hammer for the week's worst government waste. and while it controls dulles and reagan airport, billions in federal money is spent. the journal talks about free football tickets they got, side jobs and one contact that went 1700% over budget. the washington garden also -- guardian also stunned because it awarded 2-thirds of its contracts without opening up for bid. >>> president obama will travel to new york
around. 9news now at noon returns in just a moment. >>> there are slight signs the economy is growing as president obama prepares for a second term in officer. what about the real estate market? here is mary lou dell with predictions. good to see you again. how you doing? >> i'm doing great. >> how is the real estate market in our area doing? >> our market continues to improve. our october month at long&foster was the best we've had in years. >> why? >> well, you know, the interest rates are low. the inventory is low on houses that are on the market so things are not sitting very long. >> you have to jump right in. >> you've got to jump right in. we're seeing bids wars -- bidding wars. it's beginning to remind us of the past. >> we usually think that things slow down as we approach the holidays. should we expect that? >> i would think so. what happens is a lot of times people decide they want to wait until after the holidays. they want to get ready for the new year. then you start talking about the spring market. the spring market really goes into effect the end of january, early febr
. president obama making his first post-election comments about the economy. he will talk about those automatic tax headaches and severe budget cuts due to go in effect in january. analysis by the congressional office says if congress boggs down and takes a long time to avert the so-called fiscal cliff it would trigger a recession. the man what shot former congresswoman gabrielle giffords in the head and killed six others will spend the rest of his days behind bars. giffords faced her shooter. he told loughner, you tried to create world as dark as yours but you failed. kelly added, you may have put a bullet through her head, but you haven't put a dent in her spirit. giffords' aid ron bear bar was also wounded. he served out the rest of the congresswoman's term. >> i turned to mr. loughner and said, i hold no hatred for you but i am very, very angry and sick of heart about what you did. >> when the judge sentenced loughner to seven life terms plus 140 years in prison, his mother put her head down and cried uncroppably. the 24-year-old has been diagnosed with schizophrenia. tonight folk
and the european economy sends stocks lower for the second day in a row. today's loss of 121 points makes for the largest two-day drop for the dow in years. mcdonald's, among the notable losers are reporting their first trip in monthly sales. and almost a decade. >> well, two days after the polls shut down, we are still not quite sure which presidential candidate carried the state of florida. and now most of those remaining ballots were expected to be counted here today and that they will be blaming a last minute wave. and right now, they node to leave them by half a percentage point. that it will not impact the overall results. >>> and tonight we're tracking what's left of the season's first forester as they move off on the first of may. and in plymouth massachusetts, the snow halloween decorations are still hanging outside. schools were delayed in areas this morning after parts of massachusetts and kentucky receiving as much as six inches of new snow. and clean up from the storm will be a little trickier, up to eight inches of snow fell in areas of hurricane sandy. and that meant even m
compromise. economists say if they don't find one, the fiscal cliff could throw the economy back into a recession. the congressional budget ofce says that those spending cuts and tax increases, if they do take effect, the unemployment rate will rise to 9.1%. that is an area that is already rattling markets worldwide. >> i think wall street is just generally less optimistic that we will get a real good resolution to this real looming problem of the fiscal cliff. >> reporter: congress returns to washington next week. but it is likely lawmakers will push closing a deal right up to the deadline. tara mergener, for cbs news, the white house. >>> now, the president is set to speak at 1:00. we will be streaming it live on our web site. >>> former democratic national committee chair terry mcauliffe is running for political office and sent an e-mail announcing he will run for governor of virginia. he tried for governor last year but lost in the democratic provide mare. since the current governor republican bob mcdonald cannot run again, they are seeking the republican nominat
that could put the economy back into recession. and those cuts are likely to hit our region disproportionately hard. >> i'm bruce leshan on capitol hill where worried demonstrators from across d.c. urged house speaker john boehner to compromise with president obama and avoid direct budget cuts. >> jobs, no cuts. >> reporter: more than 100 protesters. >> 47%. this is the vietnam veteran. >> reporter: organized by the group rdc. crowded the hallways outside the house speaker's office. >> i have three children. >> reporter: april thomas was homeless up until two years ago when federal help finally put her young family in an apartment in southeast. >> now i'm told that it will be a possibility that i might end up back where i came from. >> reporter: the speaker staff locked the doors. but a spokesperson says that they proposed a responsible and balanced framework to avert the fiscal cliff. bruce leshan, 9news now. >>> it was the worst oil spill in our nation's history and today bp says they will pay $4.5 billion for that deadly oil rig explosion in the subsequent massive oil lea
. the commonwealth has seen a sluggish economy and officials are worried that if a deal doesn't happen on the hill, we'll plunge the nation and virginia back into a recession. with federal cuts of 9% on the horizon, republican governor bob mcdonnell is not taking any chances. he's telling agencies to prepare now for 4% budget cuts and people say that this could be felt across the board in many respects in a way this region has never felt. the nation will be watching as the president will reach across the aisle and we could feel the impacts of the -- the deep impacts next year in virginia. funds from transportation and education could be the first to fall. so no time for mr. obama to celebrate instead the president has to go straight to work. he's expected to speak at 1:00 from the east room of the white house to quote talk about the action we need to take to keep our economy growing and reduce our deficit. and andrea and mike, the phase fiscal cliff, we could hear that a lot in the days and weeks to come. live on capitol hill. ko im, 9news now. >> thank you ko. >>> in other news, a bus driver who
the latest from the white house. >> reporter: the president opened news conference with talk of jobs, economy and fiscal cliff. >> first public comments about the scandal involving david patraeus. >> provided this country an extraordinary service. we are davis because of the work he has done. >> he resigned from the cia last friday after the fbi uncovered he had an affair. >> i have no evidence at this point that classified information was disclosed that in anyway would have had negative impact on our national security. >> the scandal is threatening the future of general john allen, the top commander in afghanistan. looking into e-mail communication with jill kelley. complaint to the fbi revealed the patraeus affair. >> obama is holding judgment about why he didn't learn until last week. law makers want answers. >> nothing happening for 6 months and the week after the election one event after another. it doesn't add up. >> top fbi officials met with law makers wednesday. senator diane fine stein described it as. >>> also agreed to testify about the deadly attack on the u.s. consulate in bengh
cuts that could cripple the local and national economy. the president and a group of bipartisan congressional leaders will hold their first fiscal cliff meeting on friday. republicans and democrats of course taking to the sunday talk shows with their agendas but both sides did indicate there could be a growing bipartisan consensus that any solution must include a combination of spending cuts and revenue increases. >>> in the other financial headache hanging over global economies, there is a step forward to tell you about in the greek debt crisis. greek lawmakers have approved the country's 2013 austerity budget. this is a key step in greece's efforts to persuade its internional creditors to unblock a rescue loan installment. without this the country will go bankrupt. >>> it's going to cost you a little bit more to prepare the thanksgiving meal this year but the total cost would actually have been lower this year if it weren't for the bird. the american farm bureau of federation estimate it is will cost you $49.48 to feed ten people. the turkey, all the fixings, that's up only 28
't realize. we'll tell you about the high stakes for families if the u.s. economy goes over the fiscal cliff. >>> president obama will work with republicans to avoid the fiscal cliff, the automatic spending cuts and tax hikes that could take effect in the start of the new year. but he's standing by his commitment to raise taxes for those making more than $250,000. >> that's something they say they will not affect. new tax hikes will hit very hard. especially on parents. jessica doyle reports they could have a tough time paying for childcare. >> reporter: it's a dilemma facing families across the country. >> reporter: the mother of three, says not being able to get that tax credit for childcare expenses could really impact her family. >> we typically get a refund and, you know, thinking that it might not be a possible for some people that do use that money at the end of the year to take care of big expenses could be very tough. >> reporter: that's why they are warning parents to plan carefully. andologist congress -- and unless congress plans to pay taxes, they will only get $500 as opposed t
of the economy a lot of airline pilots are taking early retirement because their pensions are frozen, they are not happy and are leaving in unprecedented numbers. let's go back to 2009 the national transportation safety board made a recommendation saying you need 1500 hours of experience before they will let you in the plane. the airlines have to field those people. the problem is it's not a surprise to the airline industry. they are acting as it's a big surprise. >> what do you differ from what sully said. >> i don't. >> you're on the same page. >> absolutely. you can't create a crisis and say it's an economic impact when you've known about it for a long time and the rules are in place and sully would agree are minimal rules. if you see what the actual requirement is for pilots prior to this is laughable. we're at a better level. >> captain, what do you think the solution is? >> well, i think the solution is what we do in any democracy with a free market. when the airlines create working conditions and have wages that will attract qualified experienced pilots they will have enough a
. a perfect storm that endangers a fragile economy. yesterday the speaker of the house laid out his path. if democrats agree to entitlement cuts republicans are open to do revenues and what he calls tax reform. >> we're willing to accept new revenue under the right conditions. what matters is where the increased revenue comes from and what type of reform comes with it. >> reporter: but boehner shut down the idea of targeting increasing taxes on the rich. the top democrat in senate implied any compromise would need to include the president's plan. >> there was a message sent to us by the american people based on the campaign. that is people making all this money have to contribute a little bit more. >> reporter: exit polls from tuesday show voters side with the president on the tax issue. 47% of voters said that taxes should increase for people make being more than $250,000 a year. 13% said they should increase for everyone. the administration and sources say there's speculation and they won't confirm it but likely to be a meeting between the president and congressional leaders soon maybe
. roll over your old 401(k) into a fidelity ira and take control of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here. ♪ >> osgood: and now a page from our sunday morning almanac. november 11, 1885, 127 years ago today. the day of future consequence for the u.s. army. for that was the day george s. patton was born in san gabriel california. patton attended west point and served as an officer in the army's brand new tank corps during world war i. by sheer chance the armistice that ended the war in 1918 was declared on his 33rd birthday, november 11, the date we now mark as veterans day. by world war ii george patton was a general credited with decisive u.s. victories in north africa, france, and germany. along the way he attracted public attention with his very personal and sometimes controversial style of leadership. portrayed by george c. scott in the 1974 film "patton." from the rousing way he addressed his troops... >> all real americans love the sting of battle. >> osgood: ... to the widely reported incident in 1943 when he s
. >> the white house says he'll talk about the economy and reducing the federal deficit. nancy cordes is at the white house. nancy, what is the president trying to accomplish here? >> reporter: i think in part what he wants to do is prevent the republican house speaker john boehner from setting the agenda, establishing the ground rules when it comes to negotiations over the fiscal cliff. this mix of spending cuts and tax increases that's going to kick in at the end the year. so after returning to the white house victorious you'll hear the president argue today as he did so many times on the campaign trail that household income over $250,000 a year should revert to those higher clinton era tax rates. white house aides say his victory tuesday night is a sign that the american people feel the same way so they have no intention of backing down on that issue no matter how many republicans disagree. beyond that the white house hasn't said how they plan to handle negotiations over the fiscal cliff. they have been regrouping, the president held some meetings with top aides yesterday about it
in and unemployment can rise about 9% and the economy will go into recession. house speaker john boehner said he's willing to deal too but want the funds to come from closing tax loopholes not raising tax rates. >> everyone wants to get our economy moving again. everyone wants to get more americans back to work again. raising tax rates will slow down our ability to create the jobs that everyone says they want. >> reporter: the president says he's not whetted to every detail of the plan but two days after his election he says americans agree with his approach. now he has to convince republicans he has that mandate. >>> so just how much of a threat is the fiscal cliff and what are the chances of an agreement to avoid a potentially dire consequence? steve rattner is a leader of the nonpartisan group campaign to fix the debt. he oversaw the auto industry bailout for the obama administration. steven, welcome. the stakes here are quite high for the average american family 90% of the country is going see a tax hike. you might see them if you're in an average income household go up $2
20 countries across the continent as anger continues to grow over europe's failing economy. police used tear gas to control the angry crowds. european leaders are trying to balance their budgets on the backs of the working class. they're demanding working leaders stop cutting benefits and begin creating jobs. the strikes shut down schools, factories in several place across the continent. >>> a new government report shows americans are spending a little bit less. retail sales fell three tenths of a percent in october after three straight months of gains. auto sales dropped 1.5%. analysts believe superstorm sandy was a major reason why. interesting to see what they do this month. toyota is recalling 2.7 million cars. 670,000 of them in the u.s. older prius hybrids if 2003 to 2009 are included in this recall. the automaker says they could have potentially defective steering. about half of the same priuses have water pumps that could cause the cars to stall out there. haven't been any accidents as a result of these problems. major recalls for toyota this year. this is the second multim
's cities are boom, but prosperity didn't reach many rural areas, and now the economy is slowing. if you could come up with one word to describe your life in this village, what would it be? >> "hard" says farmer jin dengshan. he, his wife, and three young children live in rural henan province on $800 a year they earn selling mushrooms. they were part of the 128 million chinese who subsist on less than $1.25 a day. "i resent rich people" he said. "it's so unfair." his neighbor, upon it jin xinzhen, said he's too poor to get married. "we are like 1,000 miles away from the rich. we couldn't catch up if we had a rocket," he said. when they instituted capitalist reforms, china's leaders said to get rich is glorious. today, hu jintao warned of social unrest if new leaders fail to narrow the income gap. bill whitaker, cbs news, beijing. gillette u.s. navy seals are part of an elite force that operates in the the shad shadows, best known for killing osama bin laden. but our pentagon correspondent david martin has learned a group of seals is being disciplined for revealing secrets. >> reporter: t
rates would slow down the economy and our ability to create jobs." but, scott, there is also some wiggle room here because boehner has put new tax revenues on the table. so i asked the speaker today: what is the difference between rates and revenues? and he explained republicans might raise revenues by cutting tax detections. could you give us an idea, any more examples of where you're going with that? because if tax rates are not on the table, are you talking about going after deductions? >> it's clear that there are a lot of special interest loopholes in the tax code-- both corporate and personal. it's also clear that there are all kinds of deductions, some of which makes sense, others don't. >> reporter: two of the biggest deductions in the tax code are the mortgage interest tax deduction and the health insurance that workers get from their employers tax free. what boehner is suggesting was proposed by mitt romney in the campaign. essentially raising taxes on the rich by limiting what they take off their taxes. the president has dismissed this approach before because these same deduct
for american families, for our economy, for just running the government in a sensible way. >> president obama has said any deal must include a tax increase on wealthy americans. an idea that republicans are pushing back against. >> raising those rates on january 1st would according to the independent firm ernst and young destroy 700,000 american jobs. >> but on "face the nation" sunday republican senator lindsey graham said the gop would be open to other means of increasing revenue. >> we don't need to raise taxes, we need to limit loop shoels and deductions for the wealthy. >> while members are not supportive of the tax plan, john boehner are urging them to make compromise, something president obama senior adviser david axelrod called encouraging. >> there's money tbe gained by closing some of these loopholes and applying them to deficit reductions. >> one half of those automatic spending cuts would affect the defense department's budget. david martin shows us what that means for the military. >> reporter: the dreaded sequestration would double the $500 billion in cuts the pentagon is alread
singers. he takes the helm as chine's economy is slowing down and trade tensions with the u.s. are going up. do you think his time here will make him a better leader? "he suffered great hardship. she must have learned from that." xi jinping says whenever he encounters trouble he thinks back to his days here. and nothing seems too difficult. bill whitaker, cbs news, shaanxi province, china. >> pelley: an american company rises from the ashs, a story with a ring to it. next. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function starting within five minutes. symbicort does
many coming home. how has this particular economy been as far as our military families? >> i think it's very tough for military families today. it's all of the things that you've mentioned, multiple, multiple deployments. many of our families spouses aren't even home for the holidays and they're trying to make it the best that they can for their families who are here. >> you know what? we'll help them do that. >> i love you guys. >> elaine, thank you so much for being here. if you'd like to brighten a military family's holiday this year by giving a food basket, all the trimmings, call our uso phone bank 202-895-5560. you can make an online donation as well at there is a uso button right now on our homepage. elaine, again thank you so much for being here with all your volunteers. the whole studio is packed. we love it. guys, back to you at the desk. >> that's right. we want to hear those phones ringing and get a lot of calls to come in and support turkeys for troops and what a great day today. >>> what a day, but that said i mean it can be 70 on veterans day or it can sn
cripple the local and national economy. so congress has just 16 scheduled working days to stop that from happening. what will the likely solution be? probably putting off a fix. instead of trying to wrangle a compromise, congress will likely pursue one of several options. a public policy and lobbying law firm, a big time washington institution released a 124-page paper. it predicts what will happen in the next 50 some odd days. a plan getting a lot of attention. lawmakers from both sides of the aisle have floated a short- term downpayment. this would cut $20 billion to $75 billion right now and delay the bigger picture $600 billion goal for three to six months, maybe as long as a year. the power brokers in these talks could very well become the gang of eight. this is a bipartisan group of senators. they have actually worked together in the past to hammer out deals. among them is virginia senator mark warner. he will be one to watch over the next two weeks. the president and a group of bipartisan congressional leaders will hold their first fiscal cliff meeting on friday. republicans and d
cuts that could cripple the local and national economy in order to reduce the deficit. president barack obama is inviting leaders from the labor and business communities to the white house this week for talks. the president and bipartisan congressional leaders will hold their first fiscal cliff meeting on friday. >>> if you're looking to add fiber to your diet, you probably reach for fruits, vegetables, whole grains, that kind of thing. in japan you can now reach for a pepsi cola. pepsi will launch a version of its namesake cola with a flat blocking fiber. in japan, the drink is being called pepsi special. believe it or not, this is not the first drink in japan that has fiber in it. >> who knew. i wonder if it tastes any good. >> look do you have for us in the next half-hour? >> coach to 5k, the wrapup edition. we're going to talk about it. >> good. >>> dozens of people had to evacuate their neighborhood after a house explosion. >> now it appears some of them will have to rebuild from scratch. more on that next. >> plus, after being on medical leave for months, congressman jesse jackson
with this project. it's pumped thousands of -- excuse me billions of dollars in the economy. and put thousands of people to work. it will begin this process of undoing some of the gridlock up here, getting consumers and travelers a real choice. >> now the beltway express lanes in northern virginia will officially open to the public this saturday. >>> well coming up a water main break right near san francisco turns some neighborhood streets into rivers of mud. >> yes, a big reality check. more like november tonight. we'll talk about windchills and also look ahead for the rest of the week and the weekend. we've got the terps in town and the redskins in town. >> but up next, a landmark fishing pier destroyed by superstorm sandy. gets a new lease on life. we'll be right back. >>> the mayor of ocean city says a landmark fishable pier destroyed -- fishing pier destroyed during hurricane sandy will be rebuilt in town in time for next summer. we tell the daily times of salisbury some pilings left standing have since been taken away and they don't pose a hasrd to boaters -- hazard to voters. >>> north
to our economy. monika? >> southbound 270 the lanes are open, no issues to report. 109 to 121, and down to the split. more news, weather and traffic coming up at 5:30. you're watching 9news now. >>> good morning, happy thursday. welcome back to 9news now. i'm andrea roane. >> and i'm mike hydeck, do you feel lucky because you should. especially if you look at the video from up north. thank you for joining us. good to see you. mr. bernstein? >> you know there are people who like snow and don't feel lucky because they didn't get it. >> well i mean as far as travel is concerned. let's keep et in the mountains so we can just ski. >> as far as what was happening before the snow fell. >> it's adding insult and misery to an already ravaged area across areas of new jersey, long island and up into new england right now where the snow's really been coming down heavily since yesterday afternoon. around here we had a couple of flakes a little sleet. a couple of sprinkles. st that it for the nor ester. it miss -- nor'easter. it missed us north and east. this happens a lot of times in the d.c. area.
in this economy? that's our story tonight. >> come along with david mccullough when he goes along on our journey to paris before independence, a time of a new generation. >> they came here in order to improve themselves and to thereby improve their country. >> as for this generation of americans, america's favorite historian is less than enthusiastic. >> we are raising children in america today who by in large historically are ill it illiter. >> i'm steve kroft. >> i'm lesley stahl. >> i'm morley safer. >> i'm lara logan. >> i'm byron pitts. >> i'm scott pelley. those stories tonight on "60 minutes." that was me... the day i learned i had to start insulin for my type 2 diabetes. me... thinking my only option was the vial and syringe dad used. and me... discovering once-daily levemir® flexpen. flexpen® is prefilled. doesn't need refrigeration for up to 42 days. no drawing from a vial. dial the exact dose. inject by pushing a button. flexpen® is insulin delivery... my way. levemir® (insulin detemir [rdna origin] injection) is a long-acting insulin used to control high blood sugar in adults and
in a month or two with the economy. >> reporter: asked about running for president in 2016, a subject of much chatter in washington, ryan found the idea this early laughable. >> i think everybody's tired of talking about presidential politics. i am. >> reporter: i tell you, though, here in washington, 2016 and who's going to be the republican nominee is no laughing matter. people are already looking at paul ryan and every move he makes in that context. by the way, jessica arpe is the reporter that did the very fine job in that interview. >> it is interesting to hear paul ryan say what a lot of people think, i've had enough of talking about presidential politics at this point. >> but he also confirms this notion that a lot of people within the romney and ryan campaign thought they were going to win. >> some of the metrics were wrong and now there's an internal debate about how they got it so wrong. >> and we'll get more on that from mike huckabee. >> exactly. mike huckabee will be here shortly. four years ago, remember mike huckabee ran for president. he didn't win either. we're going to ask t
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